Ukraine opens Marsh McLennan-backed data platform for war risk analysis

Ukraine opens Marsh McLennan-backed data platform for war risk analysis | Insurance Business Asia

Insurance News

Ukraine opens Marsh McLennan-backed data platform for war risk analysis

It collects detailed maps of war-related incidents

Insurance News

By
Kenneth Araullo

Ukraine has launched a comprehensive data platform aimed at enabling insurers, investors, and governments to scrutinise war risks within the nation.

Professional services firm Marsh McLennan played a key role in assisting the Ukrainian government in conceptualising and testing this platform to further underline its commitment to supporting Ukraine’s recovery and transformation.

This launch follows a significant announcement made in June, where Marsh McLennan committed to offering its services pro bono to develop a platform that consolidates and analyses data, providing a transparent assessment of war risks in Ukraine. The platform aggregates data from various sources, including the police, military, security services, rescue services, transport services, and government institutions, offering a holistic view of the prevailing risks.

The newly introduced data platform integrates intricate maps detailing war-related incidents in Ukraine, encompassing specific events linked to Russian hostilities, such as missile strikes, drone attacks, or shelling, dating back to the Russian invasion in February 2022.

This resource also provides a granular perspective on the frequency and nature of these attacks based on location and time. Moreover, it offers insights into the types of assets targeted and the levels of damage sustained, fostering transparency about the ongoing conflict’s impact and the extent of war risk.

Analysing the current situation in Ukraine

Analysing the data showcased by the platform, it becomes evident that, up to Oct. 1, approximately 76% of communities in Ukraine had experienced no war-related incidents during the year. This figure is notably higher than the equivalent rate since the invasion began on February 24, 2022, which stood at 66%, underscoring the remarkable progress made by Ukraine over the past year.

Additionally, the analysis reveals that about 9% of communities in 2023 fall under the category of low-incident communities, having encountered only a single war-related incident. Furthermore, the data highlights the concentration of hostilities on specific Ukrainian communities, with 9% having endured intense shelling, and 6% being communities situated away from the frontline, yet targeted by Russian attacks. Notably, Ukraine has reclaimed 101 once-occupied communities from Russia since the invasion commenced.

Marsh McLennan CEO and president John Doyle said that the launch of the platform marks a milestone in Ukraine’s road to recovery. It will be accessible through its own site from Oct. 13.

“Ukraine’s data platform – the first of its kind – empowers the global insurance and investment community as well as governments with data to evaluate risks much more accurately to create greater confidence for investment,” Doyle said.

Ukraine secretary of National Security and Defence Council Oleksiy Danilov said that the data reveals a brighter investment future for the country.

“76% of communities in Ukraine have had no war related incidents this year. This demonstrates that much of Ukraine is open for investment now,” Danilov said.

What are your thoughts on this story? Please feel free to share your comments below.